TIDMEPO
RNS Number : 6069S
Earthport PLC
03 October 2017
NOT FOR RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE
RELEASE.
Earthport Plc
("Earthport" or the "Company")
Proposed placing to raise not less than GBP25 million
Earthport announces that it intends to raise not less than GBP25
million (before expenses) by way of a conditional placing of
Ordinary Shares at a minimum price of 20 pence per Ordinary Share
(the "Placing Price").
Highlights
-- Placing to raise gross proceeds of not less than GBP25
million at a minimum price of 20 pence per Ordinary Share
-- The net proceeds of the placing will be primarily used to drive additional growth through:
o expanding its market presence and establish a presence in new
geographical territories
o further product development and innovation to leverage
existing commercial opportunities with existing and new clients
o investment in the Company's operational platform to ensure
scalability and deliver efficiency gains
-- The issue of the Placing Shares is conditional upon, amongst
other things, the passing of Resolution 1 at the General Meeting to
be held on 23 October 2017 and the admission of the Placing Shares
to trading on AIM
-- The Placing is being conducted through an accelerated
bookbuild process (the "Bookbuild") which will be launched
immediately following this announcement and will be subject to the
terms and conditions set out in the Appendix (this announcement,
together with the Appendix, the "Announcement")
N+1 Singer Advisory LLP ("N+1 Singer") and Shore Capital
Stockbrokers Limited ("Shore Capital") have been appointed as joint
bookrunners (together the "Joint Bookrunners") in respect of the
Placing. N+1 Singer is acting as nominated adviser to the
Company.
The Placing is conditional upon the passing of Resolution 1 to
be held at a General Meeting of the Company. A circular is expected
to be posted on 5 October 2017 (the "Circular") notifying
shareholders of a general meeting for the purpose of considering
the relevant resolutions at Bird & Bird LLP, 12 New Fetter
Lane, London EC4A 1JP expected to be convened at 10.00 a.m. on 23
October 2017.
This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market
soundings (as defined in MAR) were taken in respect of the Placing
with the result that certain persons became aware of inside
information (as defined in MAR), as permitted by MAR. This inside
information is set out in this Announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of such inside information relating to the
Company and its securities.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS 2017
Publication of notice of General Meeting to Shareholders 5 October
Latest time and date for receipt of Form of Proxy 10.00 a.m. on 19 October
General Meeting 10.00 a.m. on 23 October
Admission and dealings in the Placing Shares expected to commence on AIM 8.00 a.m. on 24 October
Where applicable, expected date for CREST accounts to be credited in respect of Placing 8.00 a.m. on 24 October
Shares
in uncertificated form
Where applicable, expected date for despatch of definitive share certificates for Placing on or around 13 November
Shares in certificated form
Note: Each of the above dates is subject to change at the
absolute discretion of the Company
Enquiries:
Earthport plc
Hank Uberoi, Chief Executive
Officer
Simon Adamiyatt, Chief Financial +44 20 7220
Officer 9700
N+1 Singer (Nominated Adviser
and Joint Broker)
Mark Taylor / Michael Taylor +44 20 7496
/ James White 3000
Shore Capital (Joint Broker) +44 20 7408
Bidhi Bhoma / Toby Gibbs 4090
Newgate +44 20 7653
Bob Huxford / James Ash 9848
Notes to Editors
About Earthport
Earthport provides cross-border payment services to banks and
businesses. Through a single relationship with Earthport, clients
can seamlessly manage payments to almost any bank account in the
world, reducing costs and complexity to meet their customers'
evolving expectations of price, speed and transparency.
Earthport offers clients access to global payment capability in
190+ countries and territories, with local ACH options in 65+
countries and an evolving suite of currencies and settlement
options.
Earthport continues to invest in the establishment of in-country
bank partnerships across the world, bringing together its deep
market and regulatory expertise in order to maintain compliant and
commercially competitive services.
The result - a global payments network accessed via a single
relationship, delivering significant cost and operating
efficiencies for banks and businesses servicing high volumes of
lower value payments.
Headquartered in London with regional offices in New York,
Dubai, Miami and Singapore, Earthport is a public company, traded
on the London Stock Exchange (AIM: EPO) with an institutional
investor base including World Bank IFC, Oppenheimer, Blackrock,
Henderson.
Please visit www.earthport.com for more information.
FURTHER INFORMATION
Details of the Placing
The Company intends to raise not less than GBP25 million
pursuant to the Placing, although it reserves the right to increase
or reduce the amount being raised based on investor demand at its
absolute discretion. The Bookbuild will open with immediate effect
following this Announcement. The timing of the closing of the
Bookbuild, the number of Placing Shares, pricing and allocations
are at the discretion of the Company and the Joint Bookrunners.
An announcement will be made on the closing of the Bookbuild
which is expected to be made tomorrow, Wednesday 4 October 2017 by
11.00 a.m.
The Placing is conditional, amongst other things, upon:
-- the passing of Resolution 1 at the General Meeting;
-- the Placing Agreement becoming or being declared
unconditional in all respects and not having been terminated in
accordance with its terms prior to Admission; and
-- Admission becoming effective by no later than 8.00 a.m. on 24
October 2017 or such later time and/or date (being no later than
8.00 a.m. on 13 November 2017) as N+1 Singer, Shore Capital and the
Company may agree.
The Placing Shares will be issued free of all liens, charges and
encumbrances and will, when issued and fully paid, rank pari passu
in all respects with the Existing Ordinary Shares, including the
right to receive all dividends and other distributions declared,
made or paid after the date of their issue.
Shareholders are reminded that the Placing is conditional,
amongst other things, on the passing of Resolution 1 to be proposed
at the General Meeting. Shareholders should be aware that if
Resolution 1 is not approved at the General Meeting, the Placing
will not proceed. The Placing is not underwritten.
Application will be made to the London Stock Exchange for the
admission of the Placing Shares to trading on AIM. Subject to
Shareholder approval of Resolution 1 at the General Meeting, it is
expected that Admission will occur and that dealings in the Placing
Shares will commence at 8.00 a.m. on 24 October 2017, at which time
it is also expected that the Placing Shares will be enabled for
settlement in CREST.
Background to and reasons for the Placing
Introduction
Earthport provides cross-border payment services to banks and
businesses. Through a single relationship with Earthport, clients
manage payments to bank accounts throughout the world, reducing
costs and complexity to meet customers' evolving expectations of
price, speed, transparency and compliance. Earthport offers clients
access to global payment capability in more than 190 countries and
markets, with local ACH options in over 65 countries and a suite of
currencies and settlement options that continually adapts to the
changing payment landscape. Earthport is authorised and regulated
by the FCA under the Payment Service Regulations 2009 for the
provision of payment services, a SWIFT member and ISO 27001
compliant.
Earthport will use the net proceeds of the Placing to drive
additional growth through:
-- expanding its market presence and establish a presence in new geographical territories,
-- further product development and innovation to leverage
existing commercial opportunities with existing and new clients;
and
-- investment in the Group's operational platform to ensure
scalability and deliver efficiency gains
The Board believes that Earthport is positioned to address and
capitalise on the challenges in the cross-border payment markets
with a well established customer base in financial services,
complemented by a growing list of clients from new verticals and
geographies. Whilst the business continues to trade strongly, the
Company is limited in its ability to pursue and explore inbound
enquires and new business opportunities, as they cannot be met with
its current resourcing and infrastructure levels.
Furthermore, the investment in Earthport's operating
capabilities will drive revenue growth, realise efficiencies, and
attract new clients to its payments platform in the eCommerce and
banking sectors which will accelerate the Group's progression to
profitability and deliver Shareholder value.
Overview
The Company has an addressable market of approximately $1.8
trillion by 2025 in annual flows of low monetary value cross-border
payments, equating to approximately 3 billion non-cash
transactions. This target market is growing at an estimated CAGR of
around 10 per cent. globally and 17 per cent. in emerging markets.
The Company believes that this is due to: rise of eCommerce,
dislocation in the banking industry, de-risking and reduction of
global footprint of global banks and accelerating demand in
emerging markets.
Earthport currently provides services to six of the top 25
global banks, three large MTO's and a number of large eCommerce
companies and in the 12 months to 30 September 2017 the monetary
value of transactions processed through Earthport's platform
increased by 48 per cent. to $17.5 billion (FY 2016: $11.8 billion)
representing approximately eleven million transactions. Earthport's
revenue has increased by a CAGR of 58.8 per cent. since FY2012 from
revenue of GBP3.0 million in the year ended 30 June 2012 to GBP30.3
million (unaudited) in the year ended 30 September 2017.
Earthport offers a wide range of managed payments services
focusing on flexibility and ease of deployment by its clients. With
a single technical integration and flexible funding and FX
capabilities, Earthport is able to offer robust network management
with 'in-territory' banking services and ongoing regulatory reviews
to adhere to local requirements. In addition, Earthport's
compliance screening mechanism supports its client's own compliance
controls such as anti money laundering, customer due diligence,
sanctions screening, data protection and fraud prevention.
Earthport's FX and treasury capabilities ensure that its clients
have a broad currency offering to support major and minor
currencies, with flexible funding options and liquidity management.
Finally, a broad spectrum of emerging technologies is supported,
with a particular focus on distributed ledger and other alternative
payment channels (e.g. mobile wallets).
Whilst Earthport continues to trade strongly (as set out in the
Unaudited Trading Update for the year ended 30 June 2017 published
on 24 July 2014 and set out further below the Company is limited in
its ability to pursue and explore inbound enquires and new business
opportunities, as they cannot be adequately with the company's
existing levels of resource and infrastructure. As of the FY17
year-end on 30 June 2012, approximately 140 new opportunities are
in the pipeline across Europe, the Americas, Middle East and APAC.
Earthport's client mix continues to evolve in line with its
long-term strategy of establishing its presence in the banking,
emerging and established eCommerce sectors although banks are
currently driving the majority of contracted new opportunities. As
a result of the increase in pipeline and inbound enquiries, the
Board believes the size of the opportunity is significant and there
is growing structural demand for Earthport's services and therefore
it is appropriate to scale the business and its resources to meet
demand for the Earthport's services and accelerate converting
significant opportunities into revenue.
Strategy and expansion plans
In order to capture the significant market opportunity to expand
Earthport's market presence and operational scalability to support
future growth the Board has identified three targeted areas for
expanding the business:
-- Commercial and geographical expansion
In Earthport's existing core markets of Europe and North
America, the Board intends to increase the size of its new business
sales teams, as well as hire additional bank and eCommerce
specialists to develop the identified pipeline of new business
opportunities. Additionally, there is a need for Earthport to hire
strategic account managers for key clients in order to access new
revenue opportunities from additional business lines within
existing banking clients, along with FX specialists.
Earthport intends to build upon existing relationships
established in the area of eCommerce in North America and Europe.
The eCommerce sector is attractive to Earthport given its large
scale volumes and relative ease in which they can be transitioned
to a new provider. Historically Earthport has only sold its
eCommerce services to other regulated entities in North America due
to the requirement for payment institutions to be regulated.
Notwithstanding this, Earthport is currently processing payments
for some of the largest eCommerce brands such as AirBnB, Amazon,
Stripe and Uber directly and through resellers and other
arrangements. As part of the planned expansion of its eCommerce
services, the Company intends to obtain its state licensing in
North America and establish a dedicated eCommerce office in the
West Coast. It is expected that ring-fenced balance sheet cash of
approximately GBP3 million will be required to satisfy US capital
requirements under the US regulation for authorised payment
institutions. Following completion of Earthport's state-wide
licensing initiatives, the Board is targeting a three-fold increase
in its US client base by 2023.
The board believes that the planned investment of approximately
GBP3 million in personnel to strengthen new business sales teams
focused on Earthport's core banking and eCommerce markets has the
capability to increase core market transaction volumes five-fold by
2023.
The Board believes that there is a strong opportunity for
Earthport to expand its presence in the emerging markets in Asia,
Africa and India as result of its existing ACH network with clients
in the banking sector.
Currently, Earthport has small regional offices in Miami, Dubai,
Singapore and regional sales support in Madrid, Frankfurt, Tokyo,
and Kuala Lumpur. Further investment to accelerate the development
of market opportunities and traction with local banks and eCommerce
customers, is required in order for Earthport to service these
client opportunities.
The Company is continuously expanding its partner bank network,
with a focus on emerging markets. A key emerging market for
Earthport is India and following its approval from the Reserve Bank
of India to operate cross-border payment services for banks in
India, the Company has partnered with Axis Bank, India's third
largest private sector bank, and Kotak Mahindra Bank to provide
cross-border payment capabilities. Additionally, Earthport recently
expanded its partner bank network into Nigeria by partnering with
Access Bank plc, one of Africa's foremost financial institutions,
to enable inbound payments.
Earthport will expand its capabilities in India by broadening
its presence in the region with new office openings and expanding
existing offices by adding staffing resources. The investment in
new offices and sales support services in emerging markets is
expected to require GBP2.5 million of net proceeds from the
Placing. The Board is targeting an increase in transactions volumes
from emerging markets to more than 10 million transactions per
annum by 2023.
In order to support the geographical and commercial expansion
outlined above, Earthport will continue to invest in both its
partner bank network team and global FX team to ensure it maintains
a resilient, scalable and efficient platform for its clients. This
combined expenditure is expected to total GBP1.5 million and the
Board is targeting a 15 per cent. increase in Earthport's partner
bank network with FX attachment rates doubling by 2023 from
existing levels.
-- Product and technological development
As part of the Company's core strategy of improving its
capabilities to reflect the changing payment landscape, the Board
intends to expand its product and development teams and client
support functions such as the systems and processes that operate
Earthport's payment operations, risk and compliance on-boarding and
client support functions to increase operational efficiency and
ensure continued platform scalability and resilience.
Additionally, Earthport will continue to make selective
investment in existing and new product initiatives such as
collections, distributed ledger, enhanced FX functionality to be
integrated into its core offering and faster payments. Planned
expenditure in product and technological developments is
approximately GBP7.5 million.
-- Operational and platform improvements
As a result of the proposed geographical expansion into new
territories through new offices, Earthport will require additional
operations, client support and compliance teams to service global
clients in real time based in local offices to support increased
payment volumes and ensure efficient service delivery. Additional
IT infrastructure and network capability will also be required to
support the expected increase in payment transaction volumes and
enable the continued resilience of Earthport's platform, following
which it is expected that the platform will be able to support a
nine-fold increase in transaction volumes.
Investment will be directed in upgrading core infrastructure to
ensure optimum performance and resiliency, while ensuring ease of
integration with clients. The Company also plans to strengthen its
FX and treasury capabilities by enhancing the relevant platforms,
automating tasks and increasing the number of specialist personnel
to ensure a fully integrated FX and treasury service offering
within Earthport's core platform. The Company also intends to
undertake a reorganisation of its cost base through the off-shoring
of certain client support functions to lower-cost locations, and
deliver on the long-term operational model strategy regarding
in-house development functions and vendor partnerships. In total,
the Board anticipates expenditure of approximately GBP6.5 million
in operational and platform improvements. The Company is targeting
to reduce the overall cost per transaction by up to 30 per cent. by
2023 as a result of this investment.
Use of proceeds
The net proceeds of the Placing will be primarily used to invest
in geographical and commercial expansion, product and technological
development and operational and platform improvements, as outlined
above, for the following purposes:
Proposed investment Approximate
amount
Commercial and geographic expansion GBP7 million
Product and technological development GBP7.5 million
Operational and platform improvements GBP6.5 million
US licensing and satisfy on-going GBP3 million
segregated capital requirements
Target operating model
The Board is targeting to increase the number of transactions
processed to 75-85 million per annum over the next five years to
FY2023, from the current level of approximately eleven million
transactions in FY2017, representing a CAGR of 35 to 45 per cent.
Average revenue per transaction is assumed to reach between GBP2.25
and GBP3.25 by FY2023. Assuming these operational targets are
achieved, the Directors are targeting gross margins of between 65
to 70 per cent. and EBITDA margins of between 30 to 40 per cent. by
FY2023 as the business scales following the planned investment
outlined above.
Current trading and prospects
On 24 July 2017, Earthport published an unaudited trading update
for the year ended 30 September 2017, a summary of the financial
highlights from this is set out below:
-- Revenues grew by approximately 33 per cent. to GBP30.3 million (FY 2016: GBP22.8 million)
- approximately 90 per cent. of the revenue growth was driven by
the existing client base
- transactional revenues comprised 95 per cent. of FY 2017 total
revenues
-- Adjusted gross profit(1) increased by approximately 30 per
cent. to GBP20.7 million (FY 2016: GBP15.9 million)
-- Adjusted gross margin(1) decreased by approximately 2 per
cent. to 68 per cent. (FY 2016: 70 per cent.)
-- Administrative expenses decreased approximately to GBP25.5
million (FY 2016: GBP25.8 million), representing 84% of revenues
(FY 2016: 113 per cent.)
-- Adjusted EBITDA(2) loss decreased by approximately 65 per
cent. to GBP2.4 million (FY 2016: GBP6.9 million); and
-- Cash Balance at 30 June 2017 amounted to GBP11.9 million,
compared to GBP14.4 million at 30 June 2016.
1. Adjusted gross profit and margin figures are before warrant
charge, share based payment charge, unrealised fair value
adjustment and exceptional items
2. Adjusted EBITDA is before warrant charge, share based payment
charge, unrealised fair value adjustment and exceptional items
Current trading, including core operational and transactional
metrics in the first quarter of FY 2018, is consistent with
management's expectations and ahead of the same period in FY 2017.
Earthport has continued to enter into strategic partnerships, in
Asia with Kotak Mahindra Bank, in Africa with Access Bank, and in
North America with Cross River. The Board is confident that the
prospects for the business are positive and will continue on an
upwards trajectory, whilst Earthport executes its strategic
plan.
APPIX
TERMS AND CONDITIONS OF THE PLACING
THIS ANNOUNCEMENT (INCLUDING THIS APPIX) AND THE INFORMATION IN
IT IS RESTRICTED AND IS NOT FOR GENERAL PUBLICATION, RELEASE OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO
OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC
OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION
WOULD BE UNLAWFUL.
IMPORTANT INFORMATION ON THE PLACING FOR INVITED PLACEES
ONLY.
MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE
PLACING. THIS APPIX AND THE TERMS AND CONDITIONS SET OUT HEREIN ARE
FOR INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT: (A) PERSONS
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA WHO ARE QUALIFIED
INVESTORS AS DEFINED IN SECTION 86(7) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000 AS AMED, ("QUALIFIED INVESTORS") BEING PERSONS
FALLING WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE EU PROSPECTUS
DIRECTIVE (WHICH MEANS DIRECTIVE 2003/71/EC (AS AMED BY DIRECTIVE
2010/73/EC)) AND INCLUDES ANY RELEVANT IMPLEMENTING DIRECTIVE
MEASURE IN ANY MEMBER STATE) (THE "PROSPECTUS DIRECTIVE"); (B) IN
THE UNITED KINGDOM, QUALIFIED INVESTORS WHO ARE PERSONS WHO (I)
HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND
ARE "INVESTMENT PROFESSIONALS" FALLING WITHIN ARTICLE 19(5) OF THE
FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER
2005 (THE "ORDER"); (II) ARE PERSONS FALLING WITHIN ARTICLE
49(2)(A) TO (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED
ASSOCIATIONS, ETC") OF THE ORDER (III) EXISTING SHAREHOLDERS OF THE
COMPANY FALLING WITHIN ARTICLE 43(2) OF THE ORDER; (C) IN THE
UNITED STATES, TO "QUALIFIED INSTITUTIONAL BUYERS" AS DEFINED IN
RULE 144A PROMULGATED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMED (THE "SECURITIES ACT") WHICH HAVE A PRE-EXISTING, SUBSTANTIVE
RELATIONSHIP WITH THE COMPANY OR SOMEONE ACTING ON ITS BEHALF; OR
(D) ARE PERSONS TO WHOM IT MAY OTHERWISE BE LAWFULLY COMMUNICATED
(ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT
PERSONS").
THIS APPIX AND THE TERMS AND CONDITIONS SET OUT HEREIN MUST NOT
BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS.
ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS APPIX AND THE
TERMS AND CONDITIONS SET OUT HEREIN RELATE IS AVAILABLE ONLY TO
RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.
THIS APPIX DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR
SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.
THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT, AND MAY NOT BE OFFERED OR SOLD
IN THE UNITED STATES, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THIS ANNOUNCEMENT (INCLUDING
THIS APPIX) IS NOT AN OFFER OF OR SOLICITATION TO PURCHASE OR
SUBSCRIBE FOR SECURITIES IN THE UNITED STATES. NO PUBLIC OFFERING
OF SECURITIES IS BEING MADE IN THE UNITED STATES. NEITHER THE U.S.
SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES REGULATORY
AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES
HAS APPROVED OR DISAPPROVED OF AN INVESTMENT IN THE SECURITIES OR
PASSED UPON ORORSED THE MERITS OF THE PLACING OR THE ACCURACY OR
ADEQUACY OF THE CONTENTS OF THIS ANNOUNCEMENT (INCLUDING THIS
APPIX). ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE IN
THE UNITED STATES.
EACH PLACEE (BEING THE PERSON PROCURED BY N+1 SINGER ADVISORY
LLP ("N+1 SINGER") OR SHORE CAPITAL STOCKBROKERS LIMITED ("SHORE
CAPITAL") TO SUBSCRIBE FOR PLACING SHARES) SHOULD CONSULT WITH ITS
OWN ADVISERS AS TO LEGAL, TAX, BUSINESS AND RELATED ASPECTS OF ANY
INVESTMENT IN PLACING SHARES.
Persons who are invited to and who choose to participate in the
Placing, by making (or on whose behalf there is made) an oral or
written offer to subscribe for Placing Shares (the "Placees"), will
be deemed to have read and understood the Announcement, including
this Appendix, in its entirety and to be making such offer on the
terms and conditions, and to be providing the representations,
warranties, acknowledgements, and undertakings contained in this
Appendix. In particular, each such Placee represents, warrants and
acknowledges to N+1 Singer, Shore Capital and the Company that:
1. it is a Relevant Person (as defined above) and undertakes
that it will acquire, hold, manage or dispose of any Placing Shares
that are allocated to it for the purposes of its business; and
2. in the case of any Placing Shares acquired by it as a
financial intermediary, as that term is used in Article 3(2) of the
Prospectus Directive, (a) the Placing Shares acquired by it in the
Placing have not been acquired on behalf of, nor have they been
acquired with a view to their offer or resale to, persons in any
Member State of the European Economic Area (the "EEA") which has
implemented the Prospectus Directive other than Qualified Investors
or in circumstances in which the prior consent of N+1 Singer or
Shore Capital has been given to the offer or resale; or (b) where
Placing Shares have been acquired by it on behalf of persons in any
member state of the EEA other than Qualified Investors, the offer
of those Placing Shares to it is not treated under the Prospectus
Directive as having been made to such persons.
The Company, N+1 Singer and Shore Capital will rely upon the
truth and accuracy of the foregoing representations, warranties,
acknowledgements and undertakings. Neither N+1 Singer nor Shore
Capital makes any representation to any Placees regarding an
investment in the Placing Shares referred to in the Announcement
(including this Appendix).
The Announcement does not constitute an offer, and may not be
used in connection with an offer, to sell or issue or the
solicitation of an offer to buy or subscribe for Placing Shares in
any jurisdiction in which such offer or solicitation is or may be
unauthorised or unlawful and any failure to comply with these
restrictions may constitute a violation of applicable securities
laws in such jurisdiction. The Announcement and the information
contained herein is not for general publication or distribution,
directly or indirectly, to persons in the United States, Australia,
Canada, Japan, the Republic of Ireland or the Republic of South
Africa or in any other jurisdiction in which such publication or
distribution is unauthorised or unlawful. Persons (including,
without limitation, custodians, nominees and trustees) into whose
possession the Announcement and this Appendix may come are required
by the Company to inform themselves about and to observe any
restrictions of transfer of this Announcement. No public offer of
securities of the Company is being made in the United Kingdom, the
United States or elsewhere.
In particular, the Placing Shares referred to in this
Announcement and this Appendix have not been and will not be
registered under the Securities Act or any laws of or with any
securities regulatory authority of any state or other jurisdiction
of the United States, and may not be offered, sold, pledged or
otherwise transferred within the United States except pursuant to
an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and the securities
laws of any applicable state or other jurisdiction of the United
States. No public offering of the Placing Shares or any other
securities is being made in the United States. This Announcement
(including this Appendix) is not an offer of securities for sale
into the United States. The Placing Shares are being offered and
sold outside the United States in accordance with Regulation S
under the Securities Act. The Placing Shares are being offered
inside the United States solely to Qualified Institutional Buyers
which have a pre-existing substantive relationship with the Company
(or someone acting on its behalf) in a private placement
transaction under Section 4(a)(2) or Regulation D under the
Securities Act.
The Placing Shares have not been approved or disapproved by the
US Securities and Exchange Commission, any state securities
commission or other regulatory authority in the United States, nor
have any of the foregoing authorities passed upon or endorsed the
merits of the Placing or the accuracy or adequacy of the
Announcement. Any representation to the contrary is a criminal
offence in the United States.
The relevant clearances have not been, nor will they be,
obtained from the securities commission of any province or
territory of Canada; no prospectus has been lodged with or
registered by the Australian Securities and Investments Commission
or the Japanese Ministry of Finance; and the Placing Shares have
not been nor will they be, registered under or offered in
compliance with the securities laws of any state, province or
territory of Australia, Canada, Japan, the Republic of Ireland or
the Republic of South Africa. Accordingly, the Placing Shares may
not (unless an exemption under the relevant securities laws is
applicable) be offered, sold resold or delivered, directly or
indirectly, in or into Australia, Canada, Japan, the Republic of
Ireland or the Republic of South Africa or any other jurisdiction
outside the United Kingdom.
Persons (including, without limitation, nominees and trustees)
who have a contractual or other legal obligation to forward a copy
of this Appendix or the Announcement of which it forms part should
seek appropriate advice before taking any action.
Terms defined elsewhere in this Announcement have the same
meaning in this Appendix, unless the context requires
otherwise.
Various dates referred to in this Announcement and this Appendix
are stated on the basis of the expected timetable for the Placing.
It is possible that some of these dates may be changed. The
expected date for Admission is 24 October 2017 and, in any event,
the latest date for Admission is 13 November 2017 (the "Long Stop
Date").
The Placing
N+1 Singer and Shore Capital will today enter into the Placing
Agreement with the Company under which N+1 Singer and Shore Capital
will undertake to use their respective reasonable endeavours to
procure subscribers for the Placing Shares at the Placing Price, in
each case on the terms and subject to the conditions set out
therein. The Placing is not being underwritten by either N+1 Singer
or Shore Capital and nothing in this Agreement shall impose on
either N+1 Singer or Shore Capital any obligation to underwrite any
of the Placing Shares or to subscribe for any of the Placing
Shares.
N+1 Singer and Shore Capital will today commence the Bookbuild
in respect of the Placing to determine demand for participation in
the Placing by Placees at the Placing Price. This Appendix gives
details of the terms and conditions of, and the mechanics of
participation in, the Placing. The number of Placing Shares and the
Placing Price will be determined following completion of the
Bookbuild as set out in this Announcement and the Placing
Agreement. No commissions will be paid to Placees or by Placees in
respect of any Placing Shares.
A general meeting of the Company's shareholders ("General
Meeting") will be held on or around 23 October 2017 to consider
certain resolutions to grant authorities to Directors to allot
further shares for cash on a non-pre-emptive basis (the
"Resolutions"). Allotment of the Placing Shares will take place as
soon as practicable following the General Meeting, conditional on
Admission.
The Placing Shares will, when issued, be credited as fully paid
and will rank pari passu in all respects with the Existing Ordinary
Shares, including the right to receive all dividends and other
distributions (if any) declared, made or paid on or in respect of
the Existing Ordinary Shares after the date of issue of the Placing
Shares.
N+1 Singer, Shore Capital and the Company reserve the right to
scale back the number of Placing Shares to be allotted to any
Placee in the event of an oversubscription under the Placing. N+1
Singer, Shore Capital and the Company also reserve the right not to
accept offers for Placing Shares or to accept such offers in part
rather than in whole.
Each Placee will be required to pay to N+1 Singer or to Shore
Capital, on the Company's behalf, an amount equal to the product of
the Placing Price and the number of Placing Shares that such Placee
is required to be allotted in accordance with the terms set out in
or referred to in this Appendix. Each Placee's obligation to be
allotted and pay for Placing Shares under the Placing will be owed
to (i) the Company and (ii) either Shore Capital or N+1 Singer (as
the case may be). Each Placee will be deemed to have read this
Appendix in its entirety.
None of N+1 Singer, any other N+1 Singer Person, Shore Capital
or any other Shore Capital Person will have any liability (subject
to applicable legislation and regulations) to Placees or to any
person other than the Company in respect of the Placing.
For the purposes of this Announcement, a "N+1 Singer Person" is
any of (i) N+1 Singer, (ii) an undertaking which is a subsidiary
undertaking of N+1 Singer, (iii) a parent undertaking of N+1 Singer
or (other than N+1 Singer) a subsidiary undertaking of any such
parent undertaking, or (iv) a director, officer, agent or employee
of any such person, and a "Shore Capital Person" is any of (i)
Shore Capital, (ii) an undertaking which is a subsidiary
undertaking of Shore Capital, (iii) a parent undertaking of Shore
Capital or (other than Shore Capital) a subsidiary undertaking of
any such parent undertaking, or (iv) a director, officer, agent or
employee of any such person.
Application for Admission to Trading on AIM
Application will be made to the LSE for the Placing Shares to be
admitted to trading on AIM. It is expected that Admission will take
place at 8:00 am on or around 24 October 2017 (or such later date
as may be agreed between the Company, N+1 Singer and Shore Capital,
provided that such date is no later than the Long Stop Date).
Participation in, and principal terms of, the Placing
Participation in the Placing is only available to persons who
may lawfully be, and are, invited to participate in it by N+1
Singer or Shore Capital.
1. N+1 Singer and Shore Capital are arranging the Placing as
bookrunners and agents of the Company.
2. Participation in the Placing will only be available to
persons who may lawfully be, and are, invited to participate by N+1
Singer or Shore Capital. N+1 Singer, Shore Capital and their
respective affiliates are entitled to enter bids in the Bookbuild
as principal.
3. The Placing Price and the number of Placing Shares will be
agreed between the Company and the Joint Bookrunners following
completion of the Bookbuild.
4. The completion of the Bookbuild will be determined by N+1
Singer and Shore Capital in their absolute discretion and shall
then be announced on a Regulatory Information Service as soon as is
practicable following the completion of the Bookbuild.
5. To bid in the Bookbuild, prospective Placees should
communicate their bid by telephone to their usual sales contact at
N+1 Singer or Shore Capital. Each bid should state the number of
Placing Shares which the prospective Placee wishes to subscribe for
at the Placing Price, being a minimum 20 pence per Placing Share.
Bids may be scaled down by N+1 Singer and Shore Capital on the
basis referred to in paragraph 8 below.
6. The Bookbuild is expected to close no later than 11.00 a.m.
on 4 October 2017 but may be closed earlier or later at the
discretion of N+1 Singer and Shore Capital. N+1 Singer and Shore
Capital may, in agreement with the Company accept bids that are
received after the Bookbuild has closed. The Company reserves the
right to reduce or seek to increase the amount to be raised
pursuant to the Placing, in its absolute discretion. The final
allocations of the Placing Shares (including as to the identity of
the Placees and the number of shares allocated to each Placee at
the Placing Price) shall be determined by N+1 Singer and Shore
Capital in their absolute discretion.
7. Each Placee's allocation will be confirmed to Placees orally,
or by email, by N+1 Singer or Shore Capital following the close of
the Bookbuild and a trade confirmation or contract note will be
dispatched as soon as possible thereafter (the "Contract Note").
The terms of this Appendix will be deemed incorporated into the
Contract Note. N+1 Singer's or Shore Capital's oral or emailed
confirmation to such Placee will constitute an irrevocable legally
binding commitment upon such person (who will at that point become
a Placee) under which it agrees to subscribe for the number of
Placing Shares allocated to it at the Placing Price on the terms
and conditions set out in this Appendix (which are deemed to be
incorporated in such trade confirmation or contract note) and in
accordance with the Company's articles of association (as amended
from time to time) ("Articles of Association").
8. The Company will make a further announcement following the
close of the Bookbuild detailing the number of Placing Shares to be
issued and the Placing Price.
9. Subject to paragraphs 3 and 4 above, N+1 Singer and Shore
Capital may choose to accept bids, either in whole or in part, on
the basis of allocations determined at their discretion (following
consultation with the Company) and may scale down any bids for this
purpose on such basis as they may determine. N+1 Singer and Shore
Capital may also, notwithstanding paragraphs 3 and 4 above, but
subject to the prior consent of the Company (i) allocate Placing
Shares after the time of any initial allocation to any person
submitting a bid after that time; and (ii) allocate Placing Shares
after the Bookbuild has closed to any person submitting a bid after
that time. The Company, N+1 Singer and Shore Capital, acting
together reserve the right not to accept bids or to accept bids in
part rather than in whole.
10. A bid in the Bookbuild will be made on the terms and subject
to the conditions in this Appendix and will be legally binding on
the Placee on behalf of which it is made and, except with N+1
Singer's and Shore Capital's consent, will not be capable of
variation or revocation after the time at which it is submitted.
Each Placee will also have an immediate, separate, irrevocable and
binding obligation, to pay N+1 Singer or Shore Capital (or as N+1
Singer or Shore Capital may direct) in cleared funds an amount
equal to the product of the Placing Price and the number of Placing
Shares for which such Placee has agreed to subscribe. Each Placee's
obligations will be owed to N+1 Singer or to Shore Capital.
11. Irrespective of the time at which a Placee's allocation
pursuant to the Placing is confirmed, settlement for all Placing
Shares to be acquired pursuant to the Placing will be required to
be made at the same time, on the basis explained below under
"Settlement".
12. All obligations under the Bookbuild and Placing will be
subject to fulfilment of the conditions referred to below under
"Conditions to the Placing" and to the Placing not being terminated
on the basis referred to below under "Conditions to the
Placing".
13. By participating in the Bookbuild, each Placee agrees that
its rights and obligations in respect of the Placing will terminate
only in the circumstances described below and will not be capable
of rescission or termination by the Placee.
14. To the fullest extent permissible by law and the applicable
rules of AIM, none of N+1 Singer, Shore Capital nor any of their
respective affiliates shall have any liability to Placees (or to
any other person whether acting on behalf of a Placee or otherwise
whether or not a recipient of these terms and conditions) in
respect of the Placing. Each Placee acknowledges and agrees that
the Company is responsible for the allotment of the Placing Shares
to the Placees and neither N+1 Singer nor Shore Capital shall have
any liability to the Placees for the failure of the Company to
fulfil those obligations. In particular, none of N+1 Singer, Shore
Capital nor any of their respective affiliates shall have any
liability (including to the extent permissible by law, any
fiduciary duties) in respect of N+1 Singer or Shore Capital's
conduct of the Bookbuild or of such alternative method of effecting
the Placing as N+1 Singer, Shore Capital and the Company may
agree.
15. In making an investment decision, Placees must rely on their
own examination of the Company and its prospects and the terms of
the Placing, including the merit and risks involved in investing in
the Placing Shares.
16. Settlement will occur on a date to be advised but expected
to be on or around 24 October 2017 ("Settlement Date").
All such times and dates will be subject to amendment at N+1
Singer's and Shore Capital's discretion, except that in no
circumstances will the date scheduled for Admission be later than
the Long Stop Date.
No Prospectus
The Placing Shares are being offered to a limited number of
specifically invited persons only and will not be offered in such a
way as to require a prospectus in the United Kingdom or in any
other jurisdiction. No offering document or prospectus has been or
will be submitted to be approved by the Financial Conduct
Authority, the LSE or any other regulatory body in relation to the
Placing and Placees' commitments in respect of Placing Shares will
be made solely on the basis of the information contained in the
Announcement and the terms and conditions contained in this
Appendix.
Settlement
Settlement of transactions in the Placing Shares will take place
inside the CREST system.
Settlement of transactions in the Placing Shares will, unless
otherwise agreed, take place on a delivery versus payment basis
within the CREST system administered by Euroclear UK and Ireland
Limited ("CREST").
The Company will procure the delivery of the Placing Shares to
CREST accounts operated by N+1 Singer or by Shore Capital (as the
case may be) for the Company and N+1 Singer or Shore Capital (as
the case may be) will enter their delivery (DEL) instructions into
the CREST system. The input to CREST by each Placee of a matching
or acceptance instruction will then allow delivery of the relevant
Placing Shares to that Placee against payment.
The Company reserves the right to require settlement for and
delivery of the Placing Shares (or a portion thereof) to any Placee
in any form it requires if, in N+1 Singer's or Shore Capital's
opinion, delivery or settlement is not possible or practicable
within CREST or would not be consistent with the regulatory
requirements in the Placee's jurisdiction.
Following the close of the Bookbuild for the Placing, each
Placee allocated Placing Shares in the Placing may be sent a
conditional trade confirmation stating the number of Placing
Shares, the Placing Price and the subscription amount payable to be
allocated to it and will be required to provide N+1 Singer or Shore
Capital (as the case may be) with funds sufficient to purchase such
securities prior to the Settlement Date.
Each Placee is deemed to agree that, if it does not comply with
these obligations, the Company may sell any or all of the Placing
Shares allocated to that Placee on such Placee's behalf and retain
from the proceeds, for the Company's account and benefit, an amount
equal to the aggregate amount owed by the Placee plus any interest
due. The relevant Placee will, however, remain liable for any
shortfall below the aggregate amount owed by it and may be required
to bear any stamp duty or stamp duty reserve tax (together with any
interest or penalties) which may arise upon the sale of such
Placing Shares on such Placee's behalf.
It is expected that settlement will take place on or about 24
October 2017 in CREST on a basis in accordance with the
instructions set out in the conditional trade confirmation.
Settlement will be through N+1 Singer against CREST ID: ATMAY or
through Shore Capital against CREST ID: 601 & Designation:
DJCLT, as the case may be.
Following the close of the Bookbuild for the Placing, each
Placee allocated Placing Shares in the Placing will be sent a
conditional trade confirmation(s) stating the number of Placing
Shares to be allocated to it at the Placing Price and settlement
instructions.
Each Placee agrees that it will do all things necessary to
ensure that delivery and payment is completed in accordance with
the applicable registration and settlement procedures, including if
applicable, CREST rules and regulations and settlement instructions
that it has in place with N+1 Singer or Shore Capital (as
applicable).
If the Placing Shares are to be delivered to a custodian or
settlement agent, Placees should ensure that the conditional trade
confirmation is copied and delivered immediately to the relevant
person within that organisation.
Trade Date: 4 October 2017
Settlement Date: 24 October 2017 (Electronic)
ISIN code for the Placing Shares: GB00B0DFPF10
SEDOL code for the Placing Shares: B0DFPF1
No UK stamp duty or stamp duty reserve tax should be payable to
the extent that the Placing Shares are issued into CREST to, or to
the nominee of, a Placee who holds those shares beneficially (and
not as agent or nominee for any other person) within the CREST
system and registered in the name of such Placee or such Placee's
nominee provided that the Placing Shares are not issued to a person
whose business is or includes issuing depositary receipts or the
provision of clearance services or to an agent or nominee for any
such person.
The agreement to settle a Placee's subscription (and/or the
subscription of a person for whom such Placee is contracting as
agent) free of stamp duty and stamp duty reserve tax depends on the
settlement relating only to a subscription by it and/or such person
direct from the Company for the Placing Shares in question. Such
agreement assumes that the Placing Shares are not being subscribed
for in connection with arrangements to issue depositary receipts or
to transfer the Placing Shares into a clearance service. If there
are any such arrangements, or the settlement relates to any other
subsequent dealing in the Placing Shares, UK stamp duty or stamp
duty reserve tax may be payable, for which none of the Company,
Shore Capital or N+1 Singer will be responsible, and the Placee to
whom (or on behalf of whom, or in respect of the person for whom it
is participating in the Placing as an agent or nominee) the
allocation, allotment, issue or delivery of Placing Shares has
given rise to such UK stamp duty or stamp duty reserve tax
undertakes to pay such UK stamp duty or stamp duty reserve tax
forthwith and to indemnify on an after-tax basis and to hold
harmless the Company, Shore Capital and N+1 Singer in the event
that the Company, Shore Capital or N+1 Singer has incurred any such
liability to UK stamp duty or stamp duty reserve tax. If this is
the case, each Placee should seek its own advice and notify N+1
Singer or Shore Capital (as the case may be) accordingly.
In addition, Placees should note that they will be liable for
any stamp duty and all other stamp, issue, securities, transfer,
registration, documentary or other duties or taxes (including any
interest, fines or penalties relating thereto) payable outside the
UK by them or any other person on the subscription by them of any
Placing Shares or the agreement by them to subscribe for any
Placing Shares.
Placing Agreement
N+1 Singer and Shore Capital have entered into the Placing
Agreement with the Company today under which N+1 Singer and Shore
Capital have each agreed on a conditional basis to use their
respective reasonable endeavours as agents of the Company to
procure Placees at the Placing Price for the Placing Shares.
Conditions to the Placing
The Placing is conditional on, among other things:
1. the Company having complied with all of its obligations under
the Placing Agreement (to the extent such obligations are to be
performed prior to Admission);
2. the warranties given by the Company under the Placing
Agreement being true, accurate and not misleading in any respect as
at the date of the Placing Agreement and at all times up to and
including Admission (in each case in the opinion of N+1 Singer and
Shore Capital, acting in good faith) by reference to the facts and
circumstances existing from time to time;
3. Admission taking place by no later than 8:00 a.m. on 24
October 2017 (or such later date as may be agreed between the
Company, Shore Capital and N+1 Singer); and
4. the passing of Resolution1 by the requisite majority without
amendment at the General Meeting.
If:
-- any of the conditions contained in the Placing Agreement in
relation to the Placing Shares are not fulfilled or waived (if
capable of being waived) by N+1 Singer and Shore Capital by the
respective time or date where specified (or such later time or date
as the Company, N+1 Singer and Shore Capital may agree);
-- any of such conditions becomes incapable of being fulfilled; or
-- the Placing Agreement is terminated in the circumstances specified below,
the Placing in relation to the Placing Shares will lapse and the
Placee's rights and obligations hereunder in relation to the
Placing Shares shall cease and terminate at such time and each
Placee agrees that no claim can be made by the Placee in respect
thereof.
N+1 Singer and Shore Capital may, in their absolute discretion,
upon such terms as they think fit, waive compliance by the Company
with certain of the Company's obligations in relation to the
conditions in the Placing Agreement save that the certain
conditions including the condition relating to Admission taking
place may not be waived. Any such extension or waiver will not
affect the Placees' commitments as set out in this
Announcement.
N+1 Singer and Shore Capital reserve the right to waive or
extend the time and or date for the fulfilment of any of the
conditions in the Placing Agreement to a time no later than 8.00
a.m. on the Long Stop Date.
If any condition in the Placing Agreement is not fulfilled or
waived by N+1 Singer and Shore Capital by the relevant time, the
Placing will lapse and each Placee's rights and obligations in
respect of the Placing will cease and terminate at such time.
None of the Company, N+1 Singer or Shore Capital shall have any
liability to any Placee (or to any other person whether acting on
behalf of a Placee or otherwise) in respect of any decision it may
make as to whether or not to waive or to extend the time and /or
date for the satisfaction of any condition to the Placing nor for
any decision they may make as to the satisfaction of any condition
or in respect of the Placing generally and by participating in the
Placing each Placee agrees that any such decision is within the
absolute discretion of the Company, N+1 Singer and Shore
Capital.
Termination
The Placing Agreement may be terminated by N+1 Singer or Shore
Capital at any time prior to Admission in certain circumstances
including, among other things, the Company failing to comply with
its obligations under the Placing Agreement or any material adverse
change affecting the Company. The exercise of any right of
termination pursuant to the Placing Agreement, any waiver of any
condition in the Placing Agreement and any decision by N+1 Singer
or Shore Capital whether or not to extend the time for satisfaction
of any condition in the Placing Agreement will be within the
absolute discretion of N+1 Singer and Shore Capital. Following
Admission, the Placing Agreement is not capable of termination.
The rights and obligations of the Placees shall terminate only
in the circumstances described in this Announcement and will not be
subject to termination by the Placee or any prospective Placee at
any time or in any circumstances. By participating in the Placing,
Placees agree that the exercise by N+1 Singer or Shore Capital of
any right of termination or other discretion under the Placing
Agreement shall be within the absolute discretion of N+1 Singer
and/or Shore Capital, and that neither of them need make any
reference to Placees and that they shall have no liability to
Placees whatsoever in connection with any such exercise.
Offer personal
The offering of Placing Shares and the agreement arising from
acceptance of the Placing is personal to each Placee and does not
constitute an offering to any other person or to the public. A
Placee may not assign, transfer, or in any other manner, deal with
its rights or obligations under the agreement arising from the
acceptance of the Placing, without the prior written agreement of
N+1 Singer or Shore Capital (as the case may be) in accordance with
all relevant legal requirements.
Payment default
A Placee's entitlement to receive any Placing Shares under the
Placing will be conditional on N+1 Singer's or Shore Capital's (as
the case may be) receipt of payment in full for such Placing Shares
by the relevant time to be stated in the written confirmation
referred to above, or by such later time and date as N+1 Singer or
Shore Capital (as the case may be) and the Company may in their
absolute discretion determine, and otherwise in accordance with
that confirmation's terms.
If any Placee fails to make such payment by the required time
for any Placing Shares:
(1) the Company may release itself, and (if at its absolute
discretion it decides to do so) will be released from, all
obligations it may have to allot and/or issue any such Placing
Shares to such Placee or at its direction which are then unallotted
and/or unissued;
(2) the Company may exercise all rights of lien, forfeiture and
set-off over and in respect of any such Placing Shares to the full
extent permitted under its Articles of Association or by law and to
the extent that such Placee then has any interest in or rights in
respect of any such shares;
(3) the Company, Shore Capital or N+1 Singer may sell (and each
of them is irrevocably authorised by such Placee to do so) all or
any of such shares on such Placee's behalf and then retain from the
proceeds, for the account and benefit of the Company relating to
(or where applicable and in relation to (iii) below only, Shore
Capital and/or N+1 Singer): (i) any amount up to the total amount
due to it as, or in respect of, allotment monies, or as interest on
such monies, for any Placing Shares, (ii) any amount required to
cover any stamp duty or stamp duty reserve tax arising on the sale,
and (iii) any amount required to cover dealing costs and/or
commissions necessarily or reasonably incurred by it in respect of
such sale; and
(4) such Placee will remain liable to the Company and to Shore
Capital and N+1 Singer for the full amount of any losses and of any
costs which either of them may suffer or incur as a result of it
(i) not receiving payment in full for such Placing Shares by the
required time, and/or (ii) the sale of any such Placing Shares to
any other person at whatever price and on whatever terms as are
actually obtained for such sale by or for it. Interest may be
charged in respect of payments not received by N+1 Singer or Shore
Capital for value by the required time referred to above at the
rate of two percentage points above the base rate of Barclays Bank
plc.
Placees' representations, warranties and undertakings
By agreeing with N+1 Singer or Shore Capital to be allotted
Placing Shares under the Placing and participating in the
Bookbuild, each Placee (and any person acting on a Placee's behalf)
irrevocably acknowledges and confirms and represents and warrants
and undertakes to, and agrees, in each case as a fundamental term
of such Placee's acceptance of its Placing participation and of the
Company's obligation to allot and/or issue any Placing Shares to it
or at its direction, that:
(a) it has read this Announcement in full, including this
Appendix, and agrees to and accepts all the terms set out in this
Announcement, including this Appendix, and that its acquisition of
the Placing Shares is subject to and based upon all the terms,
conditions, representations, warranties, acknowledgements,
agreements and undertakings and other information contained
therein;
(b) its rights and obligations in respect of the Placing will
terminate only in the circumstances referred to in this Appendix
and will not be subject to rescission or termination by it in any
circumstances;
(c) it accepts that the content of this Announcement is
exclusively the responsibility of the Company and that none of N+1
Singer, Shore Capital or any person acting on their respective
behalves has or shall have any liability for any information,
representation or statement contained in this Announcement or any
information previously published by or on behalf of the Company and
will not be liable for any Placee's decision to participate in the
Placing based on any information, representation or statement
contained in this Announcement or otherwise;
(d) the only information on which it is entitled to rely and on
which such Placee has relied in committing itself to subscribe for
the Placing Shares is contained in this Announcement, the investor
presentation dated 18 September 2017 prepared by the Company in
connection with the Placing, and any information previously
published by the Company by notification to a Regulatory
Information Service, such information being all that it deems
necessary to make an investment decision in respect of the Placing
Shares and that it has neither received nor relied on any other
information given or representations, warranties or statements made
by any N+1 Singer Person, any Shore Capital Person or the Company
or their respective directors, employees, officers or agents or any
other person and none of N+1 Singer, Shore Capital or the Company,
including its employees or agents nor any person acting on behalf
of any of N+1 Singer, Shore Capital or the Company will be liable
for any Placee's decision to accept an invitation to participate in
the Placing based on any other information, representation,
warranty or statement;
(e) it has relied on its own investigation of the business,
financial or other position of the Company in deciding to
participate in the Placing;
(f) it has not been, and will not be, given any warranty or
representation in relation to the Placing Shares or to the Company
or to any other member of its Group in connection with the Placing,
other than (i) as included in the Announcement by the person(s)
responsible for the Announcement, (ii) by the Company as included
in this document, and (iii) by the Company to the effect that (1)
the Announcement will comply with all relevant requirements of the
AIM Rules for Companies at the time of its publication and (2) at
the time that the Placee enters into a legally binding commitment
to be allotted Placing Shares pursuant to the Placing the Company
will not then be in breach of its obligations under the AIM Rules
for Companies or applicable law to disclose publicly in the correct
manner all such information as is required to be so disclosed by
the Company;
(g) it has not relied on any representation or warranty in
reaching its decision to be allotted Placing Shares under the
Placing, save as given or made by the Company as referred to in the
previous paragraph;
(h) it is not a client of N+1 Singer or Shore Capital in
relation to the Placing and neither N+1 Singer nor Shore Capital is
acting for it in connection with the Placing or will be responsible
to it in respect of the Placing for providing protections afforded
to it or its clients under the rules of the FCA (the "FCA Rules")
or for advising it with regard to the Placing Shares and neither
N+1 Singer nor Shore Capital shall be responsible to it or any
other person for providing the protections afforded to its
customers whether under the FCA Rules or otherwise, or for advising
it or any other person in respect of or in connection with such
arrangements. In addition any payment by it will not be treated as
client money governed by the FCA Rules. It agrees that neither N+1
Singer nor Shore Capital shall be liable to it for any matter
arising out of its role as Joint Bookrunner or otherwise in
connection with the Placing and that, where any such liability
nevertheless arises as a matter of law, it will immediately waive
any claim against N+1 Singer and/or Shore Capital which it may have
in respect thereof;
(i) it (or any person acting on its behalf) will pay the full
allotment amount at the Placing Price as and when required in
respect of all Placing Shares for which it is required to be
allotted under its Placing participation and will do all things
necessary on its part to ensure that payment for such shares and
their delivery to it or at its direction is completed in accordance
with the standing CREST instructions (or, where applicable,
standing certificated settlement instructions) that it has or puts
in place with N+1 Singer or Shore Capital (as the case may be),
failing which the relevant Placing Shares may be placed with other
placees or sold as N+1 Singer or Shore Capital (as the case may be)
may, in its sole discretion and without liability to such Placee
decide, and it will remain liable for the shortfall below the net
proceeds of such sale and the placing proceeds of the Placing
Shares, and may be required to bear any stamp duty or stamp duty
reserve tax which may arise upon the placing or sale of such
Placee's Placing Shares on its behalf;
(j) its allocation (if any) of Placing Shares will represent a
maximum number of Placing Shares which it will be entitled, and
required, to be allotted, and that the Company, Shore Capital
and/or N+1 Singer may call upon it to be allotted a lower number of
Placing Shares (if any), but in no event in aggregate more than the
aforementioned maximum;
(k) it is entitled to be allotted Placing Shares under the laws
of all relevant jurisdictions which apply to it and it has
complied, and will fully comply, with all such laws (including
where applicable, the Criminal Justice Act 1993 ("CJA"), Market
Abuse Regulation EU No 596/2014 (the "Market Abuse Regulation"),
money laundering and terrorist financing under the Anti-Terrorism,
Crime and Security Act 2001, the Proceeds of Crime Act 2002, the
Terrorism Act 2000, the Terrorism Act 2003, the Terrorism Act 2006,
the Money Laundering Regulations 2007 and part VIII of the
Financial Services and Markets Act 2000 (the "Regulations")) and
has obtained all governmental and other consents (if any) which may
be required for the purpose of, or as a consequence of, such
allotment, and it will provide promptly to N+1 Singer and/or Shore
Capital such evidence, if any, as to the identity or location or
legal status of any person which N+1 Singer and/or Shore Capital
may request from it in connection with the Placing (for the purpose
of complying with any such laws or ascertaining the nationality of
any person or the jurisdiction(s) to which any person is subject or
otherwise) in the form and manner requested by N+1 Singer and/or
Shore Capital on the basis that any failure by it to do so may
result in the number of Placing Shares that are to be allotted
and/or issued to it or at its direction pursuant to the Placing
being reduced to such number, or to nil, as N+1 Singer and/or Shore
Capital may decide at their sole discretion;
(l) unless paragraph (m) below applies, it has neither received
nor relied on any inside information (for the purpose of and
section 56 of the CJA) in relation to its participation in the
Placing;
(m) if it has received any inside information (for the purposes
of the Market Abuse Regulation and section 56 of the CJA) in
relation to the Company and its securities, it confirms that it has
received such information within the marketing soundings regime
provided for in article 11 of the Market Abuse Regulation and
associated delegated regulations and it has not: (i) dealt (or
attempted to deal) in the securities of the Company; (ii)
encouraged, recommended or induced another person to deal in the
securities of the Company; or (iii) unlawfully disclosed inside
information to any person, prior to the information being made
publicly available;
(n) that it has identified its clients in accordance with the
Regulations and that it has complied fully with its obligations
pursuant to the Regulations;
(o) it has observed the laws of all requisite territories,
obtained any requisite governmental or other consents, complied
with all requisite formalities and paid any issue, transfer or
other taxes due in connection with its application in any territory
and that it has not taken any action which will or might result in
the Company, Shore Capital or N+1 Singer acting in breach of the
regulatory or legal requirements of any territory in connection
with the Placing, application for Placing Shares or the admission
to AIM of the Placing Shares;
(p) it will not distribute any press announcement relating to
the Placing or any other offering material, directly or indirectly,
in or into the United States, Canada, Japan, the Republic of South
Africa, the Republic of Ireland or Australia or in or into any
other jurisdiction where it would be unlawful to do so or to any
person resident in such countries;
(q) it has complied and will comply with all applicable
provisions of FSMA with respect to anything done or to be done by
it in relation to any Placing Shares in, from or otherwise
involving the United Kingdom and it has not made or communicated or
caused to be made or communicated, and it will not make or
communicate or cause to be made or communicated, any "financial
promotion" in relation to Placing Shares in contravention of
section 21 of FSMA;
(r) it is a Relevant Person and it is acting as principal only
in respect of the Placing or, if it is acting for any other person
(i) it is duly authorised to do so, (ii) it will use reasonable
endeavours to ensure the performance of all its obligations as a
placee in respect of the Placing (regardless of the fact that it is
acting for another person), (iii) it is both an "authorised person"
for the purposes of FSMA and a "qualified investor" as defined at
Article 2.1(e)(i) of the Prospectus Directive acting as agent for
such person, and (iv) such person is either (1) a Qualified
Investor or (2) its "client" (as defined in section 86(2) of FSMA)
that has engaged it to act as his agent on terms which enable it to
make decisions concerning the Placing or any other offers of
transferable securities on his behalf without reference to him;
(s) in the case of a Relevant Person who acquires any Placing
Shares pursuant to the Placing acquired by it as a financial
intermediary, as that term is used in Article 3(2) of the
Prospectus Directive, it represents and warrants that:
(i) the Placing Shares acquired by it in the Placing have not
been acquired on behalf of, nor have they been acquired with a view
to their offer or resale to, persons other than Relevant Persons or
in circumstances in which the prior consent of N+1 Singer or Shore
Capital has been given to the offer or resale; or
(ii) where Placing Shares have been acquired by it on behalf of
persons in any member state of the EEA other than Relevant Persons,
the offer of those Placing Shares to it is not treated under the
Prospectus Directive as having been made to such persons;
(t) the Placee acknowledges that no offering document, admission
document or prospectus has been, or will be, prepared in connection
with the Placing and it has not received a prospectus, admission
document or other offering document in connection therewith;
(u) it has not and will not make any offer to the public of the
Placing Shares for the purposes of section 102B FSMA;
(v) it agrees to be bound by the terms of the Articles of Association;
(w) nothing has been done or will be done by it in relation to
the Placing or to any Placing Shares that has resulted or will
result in any person being required to publish a prospectus in
relation to the Company or to any shares in the capital of the
Company in accordance with FSMA or the UK Prospectus Rules or in
accordance with any other laws applicable in any part of the
European Union or the European Economic Area;
(x) (i) it is not, and is not acting in relation to the Placing
as nominee or agent for, a person who is or may be liable to stamp
duty or stamp duty reserve tax in respect of any agreement to
acquire (or any acquisition of) shares or other securities at a
rate in excess of 0.5% (including, without limitation, under
sections 67, 70, 93 or 96 of the Finance Act 1986 concerning
depositary receipts and clearance services), and the allocation,
allotment, issue and/or delivery to it, or any person specified by
it for registration as holder, of Placing Shares will not give rise
to a liability under any such section, (ii) the person whom it
specifies for registration as holder of Placing Shares will be the
Placee or the Placee's nominee, and (iii) none of N+1 Singer, Shore
Capital nor the Company will be responsible to it or anyone else
for any liability to pay stamp duty or stamp duty reserve tax
resulting from any breach of, or non-compliance, with this
paragraph. Each Placee and any person acting on behalf of such
Placee agrees to participate in the Placing and it agrees to
indemnify the Company, Shore Capital and N+1 Singer in respect of
the same on the basis that the Placing Shares will be allotted to
the CREST account or its affiliate or agent who will hold them as
nominee on behalf of such Placee until settlement in accordance
with its standing settlement instructions;
(y) it will not treat any Placing Shares in any manner that
would contravene any legal or regulatory requirement applicable in
any territory or jurisdiction and no aspect of its participation in
the Placing will contravene any legal or regulatory requirement
applicable in any territory or jurisdiction in any respect or cause
the Company, Shore Capital or N+1 Singer or their respective
directors, officers, employees or agents to contravene any such
legal or regulatory requirement in any respect and it has obtained
all governmental and other consents which may be required under the
laws of the applicable territory or jurisdiction;
(z) if a Placee is a resident in the UK: (i) it is a "qualified
investor" within the meaning of Section 86(7) of FSMA; (ii) it is a
person of a kind described in Article 19 and/or Article 49 and/or
43 (2) of the Order and it understands that the information
contained in this Appendix is only directed at any of the
following: (A) persons falling within Article 19 of the Order
having professional experience in matters relating to investments;
(B) persons falling within Article 49 of the Order (including
companies and unincorporated associations of high net worth and
trusts of high value); (C) persons falling within Article 43(2) of
the Order being existing members of the Company; or (iii) it is a
person to whom it would otherwise be lawful to distribute it; and
that, accordingly, any investment or investment activity to which
this Appendix relates is available to it as such a person or will
be engaged in only with it as such a person;
(aa) if a Placee is an investor located within a member state of
the European Economic Area, it is: (i) a "qualified investor"
within the meaning of Article 2(1)(e) of the Prospectus Directive;
and (ii) a "professional client" or an "eligible counterparty"
within the meaning of Article 4(1)(11) and Article 24(2), (3) and
(4), respectively, of Directive 2004/39/EC as implemented into
national law of the relevant EEA state;
(bb) (i) it acknowledges that the Placing Shares have not been
and will not be registered under the Securities Act or under the
securities laws of any State of or other jurisdiction within the
United States, and that subject to certain exceptions, Placing
Shares may not be offered or sold, resold, or delivered, directly
or indirectly, into or within the United States or to, or for the
account or benefit of, any U.S. person (as defined in Regulation S
under the Securities Act); (ii) it either (1) is not within the
United States, is not a U.S. person and, to its knowledge, it will
be acquiring Placing Shares in an "offshore transaction" without
any "directed selling efforts" (each as defined in Regulation S
under the Securities Act) by the Company, N+1 Singer, or Shore
Capital, or (2) it is within the United States and is a Qualified
Institutional Buyer and will be acquiring the Placing Shares in a
private placement transaction exempt from registration under the
Securities Act; and (iii) it will not be receiving Placing Shares
with a view to resale in or into the United States in violation of
the registration requirements of the Securities Act or the
securities laws of any applicable state or other jurisdiction of
the United States;
(cc) it is not and, if different, the intended beneficial owner
of the Placing Shares allocated to it is not, and at the time the
Placing Shares are acquired will not be, a resident or national of
Canada, Japan, Australia or the Republic of South Africa or a
corporation, partnership or other entity organise under the laws of
Canada (or any political sub-division of it), Australia, the
Republic of South Africa, the Republic of Ireland or Japan, and the
Placing Shares have not been and will not be registered under the
securities legislation of Canada, Japan, Australia, the Republic of
Ireland or the Republic of South Africa and, subject to certain
exceptions, may not be offered, sold, taken up, renounced or
delivered or transferred, directly or indirectly, in or into those
jurisdictions;
(dd) the Placee has consented to receive information in respect
of securities of the Company which makes it an "insider" for the
purposes of the Market Abuse Regulation, and it agrees not to deal
in any securities of the Company until such time as the inside
information (as defined in the Market Abuse Regulation) of which it
has been made aware has been made public for purposes of the Market
Abuse Regulation or it has been notified by N+1 Singer, Shore
Capital or the Company that the proposed Placing will not proceed
and any unpublished price sensitive information of which the Placee
is aware has been publicly announced, and, other than in respect of
its knowledge of the proposed Placing, it has neither received nor
relied on any confidential price sensitive information concerning
the Company or the Placing Shares;
(ee) where the Placee is acquiring Placing Shares for one or
more managed accounts, it represents and warrants that it is
authorised in writing by each managed account: (i) to acquire the
Placing Shares for each managed account; (ii) to make on its behalf
the representations, warranties, acknowledgments, undertakings and
agreements in this Appendix; and (iii) to receive on its behalf any
investment letter relating to the Placing in the form provided to
it by N+1 Singer or Shore Capital;
(ff) N+1 Singer and/or Shore Capital may (at their absolute
discretion) satisfy their obligations to procure Placees by itself
agreeing to become a Placee in respect of some or all of the
Placing Shares or by nominating any other N+1 Singer Person or
Shore Capital Person or any person associated with any N+1 Singer
Person or Shore Capital Person to do so;
(gg) time is of the essence as regards its obligations under this Announcement;
(hh) each right or remedy of the Company, N+1 Singer or Shore
Capital provided for in this Announcement is in addition to any
other right or remedy which is available to such person and the
exercise of any such right or remedy in whole or in part will not
preclude the subsequent exercise of any such right or remedy;
(ii) any document that is to be sent to it in connection with
the Placing will be sent at its risk and may be sent to it at any
address provided by it to N+1 Singer or Shore Capital:
(jj) nothing in this Appendix will exclude any liability of any
person (i) for any contents of the Announcement as a result of such
person being responsible for such contents pursuant to the AIM
Rules for Companies or applicable law or (ii) for fraud on its
part, and all times and dates in this Appendix are subject to
amendment at the discretion of N+1 Singer and Shore Capital except
that in no circumstances will the date scheduled for Admission be
later than the Long Stop Date;
(kk) none of its rights or obligations in respect of the Placing
is conditional on any other person agreeing to be allotted any
Placing Shares under the Placing and no failure by any other Placee
to meet any of its obligations in respect of the Placing will
affect any of its obligations in respect of the Placing;
(ll) it has substantial experience in evaluating and investing
in shares of companies similar to the Company such that it is
capable of evaluating the merits and risks of an investment in the
Company, it has such knowledge and experience in financial and
business matters as to be capable of protecting its own interests
and evaluating the merits and risks of an investment in the Company
and it is able to bear the economic risk of a complete loss of its
investment in the Company;
(mm) it has made an investigation of the pertinent facts
relating to the operation of the Company to the extent it deems
necessary in order to be fully informed with respect thereto;
(nn) it will indemnify on an after tax basis and hold the
Company, N+1 Singer and Shore Capital and their respective
affiliates harmless from any and all costs, claims, liabilities and
expenses (including legal fees and expenses) arising out of or in
connection with any breach of the representations, warranties,
acknowledgements, agreements and undertakings in this appendix and
further agrees that the provisions of this appendix shall survive
after completion of the Placing;
(oo) neither N+1 Singer nor Shore Capital has any duty to it
similar or comparable to rules of "best execution", "suitability"
and "risk warnings" as set out in the Conduct of Business
Sourcebook of the FCA;
(pp) it accepts that it is not relying on N+1 Singer or Shore
Capital to advise whether or not the Placing Shares are in any way
a suitable investment for it;
(qq) it is entitled to subscribe for or purchase the Placing
Shares under the laws of all relevant jurisdictions which apply to
it and that it has fully observed such laws and obtained all
governmental and other consents which may be required thereunder
and complied with all necessary formalities;
(rr) it irrevocably appoints any director or employee of N+1
Singer or Shore Capital (as the case may be) as its agent for the
purpose of executing and delivering to the Company and/or its
registrars any document on its behalf necessary to enable it to be
registered as the holder of the Placing Shares being issued to
it;
(ss) it is not presently acting in concert, as defined in the
City Code on Takeovers and Mergers, with any existing shareholder
or other Placee;
(tt) each right or remedy of the Company, N+1 Singer and Shore
Capital provided for in this Appendix is in addition to any other
right or remedy which is available to such person and the exercise
of any such right or remedy in whole or in part shall not preclude
the subsequent exercise of any such right or remedy;
(uu) none of its rights or obligations in respect of the Placing
is conditional on any other person agreeing to acquire any Placing
Shares under the Placing and no failure by any other Placee to meet
any of its obligations in respect of the Placing shall affect any
of its obligations in respect of the Placing;
(vv) neither N+1 Singer nor Shore Capital owes any fiduciary or
other duties to any Placee in respect of any representations,
warranties, undertakings or indemnities in the Placing Agreement;
and
(ww) it agrees that the Company, N+1 Singer and Shore Capital
will rely upon the truth and accuracy of the foregoing
conformations, representations, warranties, acknowledgements
undertakings and agreements which are given by each Placee (or
persons acting on their behalf) to N+1 Singer, Shore Capital and
the Company and are irrevocable.
Entire Agreement
The terms set out in the Announcement (including this Appendix),
the Investor Representation Letter (for Placees, if any, that are
Qualified Institutional Buyers purchasing in the United States) and
the allocation of Placing Shares (including the subscription amount
payable) as confirmed to a Placee in a Contract Note, constitute
the entire agreement to the terms of the Placing and a Placee's
participation in the Placing to the exclusion of prior
representations, understandings and agreements between them. Any
variation of such terms must be in writing.
Governing Law and Jurisdiction
The agreement arising out of acceptance of the Placing and any
dispute or claim arising out of or in connection with the Placing
or formation thereof (including non-contractual disputes or claims)
shall be governed by and construed in accordance with the laws of
England. Each Placee irrevocably agrees to submit to the exclusive
jurisdiction of the courts of England to settle any claim or
dispute that arises out of or in connection with the agreement
arising out of acceptance of the Placing or its subject matter or
formation (including non-contractual disputes or claims).
DEFINITIONS
The following definitions apply throughout this announcement
unless the context otherwise requires:
"ACH" Automated Clearing House, an electronic
network for financial transactions in
the United States
"Admission" admission of the Placing Shares to trading
on AIM becoming effective in accordance
with Rule 6 of the AIM Rules
"AIM" the AIM Market operated by the London
Stock Exchange
"AIM Rules" the AIM Rules for Companies published
by the London Stock Exchange from time
to time
"Bookbuild" the accelerated bookbuilding process
launched immediately following this
announcement to conduct the Placing
"CAGR" compound annual growth rate
"certificated an Ordinary Share recorded on a company's
form" or "in share register as being held in certificated
certificated form (namely, not in CREST)
form"
"Company" or Earthport plc, a company incorporated
"Earthport" and registered in England and Wales
under the Companies Act 1985 with registered
number 03428888
"CREST" the computerised settlement system operated
by Euroclear which facilitates the transfer
of title to shares in uncertificated
form
"CREST Regulations" the Uncertificated Securities Regulations
2001 (S.I. 2001 No. 3755)
"Dealing Day" a day on which the London Stock Exchange
is open for business in London
"Directors" the directors of the Company whose names
or "Board" are set out in the circular, or any
duly authorised committee thereof
"Euroclear" Euroclear UK & Ireland Limited, the
operator of CREST
"Existing Ordinary the 488,190,409 Ordinary Shares in issue
Shares" or "Existing on 2 October 2017 (being the latest
Share Capital" practicable date prior to the publication
of this announcement), all of which
are admitted to trading on AIM
"FCA" the UK Financial Conduct Authority
"Form of Proxy" the form of proxy for use in connection
with the General Meeting which accompanies
the circular
"FSMA" the Financial Services and Markets Act
2000 (as amended)
"FX" foreign exchange
"General Meeting" the general meeting of the Company to
be held at the offices of Bird & Bird
LLP at 12 New Fetter Lane, London EC4A
1JP on 23 October 2017 at 10.00 a.m.
notice of which is set out at the end
of the circular
"Group" the Company and its subsidiaries
"ISO 27001" means the international standard regarding
requirements relating to security techniques
for information technology and information
security management systems
"London Stock London Stock Exchange plc
Exchange"
"MAR" the Market Abuse Regulation (Regulation
596/2014)
"MTO" money transfer organisation
"N+1 Singer" Nplus1 Singer Advisory LLP
"Notice of General the notice convening the General Meeting
Meeting" which is set out at the end of the circular
"Ordinary Shares" ordinary shares of 10 pence each in
the capital of the Company
"PDMR" a person discharging managerial responsibilities
of the Company, as defined under MAR
"Placing" the conditional placing of the Placing
Shares by N+1 Singer and Shore Capital,
as agents on behalf of the Company,
pursuant to the Placing Agreement, further
details of which are set out in the
circular
"Placing Agreement" the conditional agreement to be dated
3 October 2017 and made between (1)
the Company; (2) N+1 Singer; and (3)
Shore Capital in relation to the Placing,
further details of which are set out
in the circular
"Placing Price" the price per Placing Share as will
be agreed between the Company and the
Joint Bookrunners at the close of the
Bookbuild which will not be less than
a minimum of 20 pence per Placing Share
"Placing Shares" the new Ordinary Shares to be issued
by the Company at the Placing Price,
pursuant to the Placing
"Prospectus the prospectus rules made by the FCA
Rules" pursuant to section 73A of the FSMA
"Resolutions" the resolutions set out in the Notice
of General Meeting
"Shareholders" holders of Ordinary Shares
"Shore Capital" Shore Capital Stockbrokers Limited
"SWIFT" The Society for Worldwide Interbank
Financial Telecommunication, who provides
a network that enables financial institutions
worldwide to send and receive information
about financial transactions in a secure,
standardized environment
"UK" the United Kingdom of Great Britain
and Northern Ireland
"uncertificated" an Ordinary Share recorded on a company's
or "in uncertificated share register as being held in uncertificated
form" form in CREST and title to which, by
virtue of the CREST Regulations, may
be transferred by means of CREST
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEFSEFIDFWSELS
(END) Dow Jones Newswires
October 03, 2017 11:43 ET (15:43 GMT)
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